*J.P. Morgan Asia FTM 23 Jun 26: Init Innostar Services at OW; HK home prices hit FY target, 2H may slow; Raise Chipbond PT on SiPh wins; CN humanoid robots to drive P&C growth; CN Sportswear: Lessons in success. Mon Jun 22 2026

Research evidence excerpt

*J.P. Morgan Asia FTM 23 Jun 26: Init Innostar Services at OW; HK home prices hit FY target, 2H may slow; Raise Chipbond PT on SiPh wins; CN humanoid robots to drive P&C growth; CN Sportswear: Lessons in success. Mon Jun 22 2026

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Asia First to Market 23 June 2026

Top Stories

Init | Innostar Service (7828.TWO, OW – NT$2,040.00), Taiwan (William Yang)

The next shining star driven by innovation; initiate at OW

We initiate coverage of Innostar Service at OW with a Dec-27 PT of NT$4,000, based on 25x 2028E P/E.

Innostar is the leading MEMS probe card automation equipment supplier globally, with dominance in the

needle assembly market. Given the strategic partnership/ investment by Technoprobe (TP, TPRO IM, Not

Covered), one of the top-two probe card vendors worldwide, Innostar’s probe card business outlook and

exposure has been lifted to the next level, gathering steam to accelerate growth in 2026-28, with a multi-

times increase of higher-spec needle assembly machine orders and TAM expansion to material kits and

OEM services of needle assembly/repair. Innostar Service’s penetration and smooth progress into the glass

core substrate (GCS) market with its TGV (Through Glass Via) copper pillar mass transfer technology/

product applied in advanced packaging should also become a new driver for the company from late 2027,

followed by mass production schedule of US tier-1 networking customer’s next-gen switch ASIC. We model